Northern Trust Corp Grows Stock Holdings in CubeSmart $CUBE

Key Points

• Northern Trust Corp increased its stake in CubeSmart by 4.3%, acquiring an additional 162,068 shares, bringing its total holdings to 3,920,931 shares valued at approximately $167.5 million.
• CubeSmart reported a quarterly earnings per share (EPS) of $0.65, exceeding analysts' expectations, and showed a 6.0% increase in revenue compared to the previous year.
• The company declared a quarterly dividend of $0.52 per share, translating to an annualized yield of 5.2%, with a payout ratio of 126.83%.

Northern Trust Corp increased its holdings in CubeSmart (NYSE:CUBE - Free Report) by 4.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,920,931 shares of the real estate investment trust's stock after buying an additional 162,068 shares during the period. Northern Trust Corp owned 1.72% of CubeSmart worth $167,463,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. raised its position in CubeSmart by 27.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust's stock valued at $288,259,000 after purchasing an additional 1,464,331 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of CubeSmart by 29.3% in the first quarter. JPMorgan Chase & Co. now owns 5,561,206 shares of the real estate investment trust's stock worth $237,519,000 after buying an additional 1,261,746 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of CubeSmart by 1.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust's stock worth $212,886,000 after buying an additional 72,513 shares during the period. Invesco Ltd. increased its holdings in shares of CubeSmart by 19.8% in the first quarter. Invesco Ltd. now owns 3,213,480 shares of the real estate investment trust's stock worth $137,248,000 after buying an additional 530,787 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of CubeSmart by 1.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,183,271 shares of the real estate investment trust's stock worth $135,958,000 after buying an additional 58,564 shares during the period. Hedge funds and other institutional investors own 97.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CUBE. Evercore ISI cut their target price on CubeSmart from $48.00 to $47.00 and set an "in-line" rating on the stock in a research note on Monday, August 4th. Scotiabank raised their target price on CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Monday, May 12th. BMO Capital Markets raised CubeSmart from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $48.00 to $49.00 in a research note on Friday, June 20th. Truist Financial raised their target price on CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Finally, Barclays cut their target price on CubeSmart from $48.00 to $45.00 and set an "equal weight" rating on the stock in a research note on Friday, August 8th. Six research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, CubeSmart currently has a consensus rating of "Hold" and a consensus price target of $46.69.

CubeSmart Stock Up 1.3%

CubeSmart stock traded up $0.54 during trading hours on Wednesday, hitting $40.76. 2,645,041 shares of the stock traded hands, compared to its average volume of 1,740,389. The firm's 50-day moving average price is $41.13 and its two-hundred day moving average price is $41.34. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 1.18. The company has a market cap of $9.29 billion, a PE ratio of 24.85, a PEG ratio of 8.95 and a beta of 0.94. CubeSmart has a one year low of $34.24 and a one year high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.02. The business had revenue of $282.30 million for the quarter, compared to analysts' expectations of $275.71 million. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%.The business's revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.64 EPS. CubeSmart has set its Q3 2025 guidance at 0.640-0.660 EPS. FY 2025 guidance at 2.540-2.600 EPS. On average, research analysts forecast that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Wednesday, October 1st. CubeSmart's dividend payout ratio (DPR) is presently 126.83%.

CubeSmart Profile

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.